Microeconomics analyzes individual parts of the economy rather than broad economic aggregates
a. True
b. False
A
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One cost of a perfectly anticipated inflation is that it
A) transfers wealth from lenders to borrowers. B) transfers wealth from borrowers to lenders. C) increases menu costs. D) damages the role of prices as signals in the economy.
A demand curve is a
A) graphical representation of the demand schedule. B) graphical representation of alternative demands. C) horizontal line connecting amounts demanded at various income levels. D) graphical relationship, that includes several things such as tastes, time, and supply.
If a firm shuts down, its
A. fixed costs remain unchanged. B. revenue will fall to zero. C. short-run variable costs will fall to zero. D. All of the responses are correct.
What are the differences between economic cost and accounting cost?
What will be an ideal response?